Latest news: The Leela set for IPO; Hyatt debuts Caption in Japan; Resolute expands in US

Leela Palaces set for IPO. Mumbai-based The Leela Palaces, Hotels and Resorts is set for an initial public offer (IPO) that would likely value the company at $2.5 billion (around ₹21,000 crore), according to a report by Mint. This would be a dramatic change from five years ago when the company was battling debt and default and was sold to Canadian investor Brookfield in a 2019 bankruptcy proceeding for just $576 million (₹3,950 crore). According to the report, Brookfield plans to sell 15% to the public initially and 10% over the next three years, which the report said would be India’s biggest hospitality sector IPO. It also said The Leela’s IPO could be launched in the next nine months. The Leela operates 12 properties across India.

Hyatt debuts Caption brand in Japan. Hyatt Hotels Corp. has debuted its select-service lifestyle brand Caption by Hyatt in Japan with the opening of the 167-key Caption by Hyatt Namba Osaka. The brand opened its first hotel in June 2022 in Memphis, Tennessee, and its first in Asia Pacific in April in China. Hyatt is opening three more in APAC this year in Ho Chi Minh City, Sydney and Tokyo in the next few years.

Resolute Road adds in Montana. Boise, Idaho-based Resolute Road Hospitality has added the 146-key Hilton Garden Inn Missoula in Montana to its management portfolio. The addition expands Resolute Road’s footprint to seven states across the U.S. Last week, Resolute Road and Virga Capital announced they were acquiring a 104-key Residence Inn by Marriott Boise West in Idaho. 

TPG Hotels adds in Australia. Australia-based TPG Hotels has acquired the 207-key Pacific Hotel Cairns in Cairns, Australia for an undisclosed amount, according to HVS. The hotel’s ADR and RevPAR were 41% and 24% above pre-pandemic levels in 2023.

Waikiki Resort Hotel sells. South Korea-based Hanjin KAL Co. Ltd. is selling its U.S.-based subsidiary Waikiki Resort Hotel Inc. for approximately $101.2 million to South-Korea based Sono International Co, according to HVS. The sale includes the hotel, the subject property and land.

Aju, Kasa rebrand LA hotel. Seoul-based Aju Continuum has launched a new brand in Los Angeles with New York City-based Kasa Living at the former location of the Ace Hotel Downtown. The relaunched 182-key Stile Downtown Los Angeles by Kasa is a project the two companies have been working on together with Kasa having managed the hotel since February. Aju Continuum owns and operates hotel properties in South Korea, the U.S. and England, while Kasa manages over 75 properties across the U.S.

Hotel numbers up in Tokyo, Berlin, Rio. Events in May pushed hotel performance in Toyko, Berlin and Rio de Janeiro, according to CoStar. Toyko’s occupancy was up in May to 78.4% (up 4.2%) while ADR (JPY 37,671.27, up 44%) and RevPAR surged (JPY 29,529.07, up +50%). The numbers peaked on May 25, aided by music events in the Tokyo Dome. Several big events helped Berlin’s numbers also increase in May with occupancy at 78.8% (up 2.6%), which led to a big increase in ADR (EUR133.90, up 6%) and RevPAR (EUR105.57, up 8.7%). Madonna’s final concert of her Celebration Tour also pushed May numbers in Rio de Janeiro with occupancy increased to 62% (up 6%) while ADR (BRL729.06, up 19.9%) and RevPAR (BRL452.14, up +27.2%) also increased.